OMV's 3Q Profit Rose; Cuts 2019 Upstream Production

   By Giulia Petroni

OMV AG (OMV.VI) said Wednesday that net profit rose in the third quarter and slightly cut its 2019 upstream production guidance.

The Austrian oil-and-gas company reported quarterly profit of 425 million euros ($471.67 million) compared with EUR221 million a year earlier.

On an adjusted basis, net profit rose to EUR457 million from EUR455 million the same period a year earlier. A Factset-compiled consensus had OMV's adjusted net profit at EUR459.5 million.

The company slightly cut its total upstream production for the full year. It now expects this to be slightly below 500,000 barrels of oil equivalent a day. Production in the quarter rose to 480,000 barrels of oil equivalent a day from 406,000 barrels of oil a day in the year-earlier period.

Sales rose to EUR5.95 billion from EUR5.61 billion the previous year and compared with a Factset-compiled consensus of EUR5.71 billion. The group's effective tax rate decreased to 39% from 46% in the year-earlier period, OMV said.

OMV said it expects its organic capital expenditure, which excludes acquisitions, to be about EUR2.3 billion in the full-year, up from EUR1.9 billion in 2018.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 30, 2019 02:53 ET (06:53 GMT)

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